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Minnesota Enacts Mortgage Licensing Law
On May 15, 2010, the Governor of Minnesota signed into law the Minnesota S.A.F.E. Mortgage Licensing Act of 2010 (Minnesota S.A.F.E. Act), which requires that mortgage loan originators be licensed by July 31, 2010, the…
Will Congress Kill Mandatory Arbitration In Consumer Finance Transactions?
In 2007, Congress introduced legislation, entitled the Arbitration Fairness Act of 2007, to amend the Federal Arbitration Act (“FAA”) to render unenforceable predispute arbitration provisions in, among other things,…
New FACTA Rules Take Effect on July 1, 2010
Businesses have until July 1, 2010 to comply with the new rules and guidelines under the Fair and Accurate Credit Transactions Act (“FACTA”), which amended the Fair Credit Reporting Act (“FCRA”), adopted by the Federal…
Senate Bill May Make It More Difficult for Large Banks to Satisfy Capital Reserve Requirements
The Restoring American Financial Stability Act passed by the Senate on May 20 ( discussed in an earlier post ) includes an amendment authored by Sen. Susan Collins (R-Maine), which would toughen the risk-and size-based…
Senate Passes Financial Reform Bill
The Senate last night passed its long-awaited version of financial system regulatory reform legislation, the Restoring American Financial Stability Act. In the coming weeks, each congressional chamber will select a…